Proparco and Energy Access Ventures back Solarise Africa investment round
Energy Access Ventures (EAV) has announced a follow-on investment in Solarise Africa, a pan-African clean energy leasing company.
The round was led by French development finance institution, Proparco, which invested the USD equivalent of €4 million in quasi-equity through the AFD Group EU-funded African Renewable Energy Scale-Up facility, alongside existing investors, EAV and EDFI ElectriFI, an EU-funded impact investment facility.
Solarise Africa provides financing solutions to commercial and industrial businesses, enabling them to adopt clean energy systems, in particular solar, by limiting the upfront investment and providing manageable instalment payments and short payback periods. Solarise Africa facilitates the uptake of more reliable and less costly energy sources, thereby optimising the clients’ cost base and productivity. The company has operations across Kenya, South Africa and Rwanda where it has deployed several projects and continues to develop an extensive pipeline. The company will use the capital raised to fund project deployments and for further market expansion.
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